A number of Australian firms have chosen the nation as a destination for investment, with the impact of the novel coronavirus (COVID-19) pandemic causing a supply chain diversification, thus leading to a number of traditional markets being replaced.
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International trade remedies are used by many countries to protect their domestic industries, especially now production has stalled due to the impacts of COVID-19. With tax incentives from the new-generation free trade agreements (FTAs), including the newly-approved Europe-Việt Nam FTA (EVFTA), the risk of Việt Nam's exports being put under investigation for evasion of trade remedies is forecast to increase.
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The Government’s promulgation of Decree 102/2020/ND-CP on the Vietnam Timber legality assurance system and the effectiveness of the Vietnam-EU Free Trade Agreement (EVFTA) (from August 1, 2020) will boost timber exports to the EU market in the near future.
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An official of the Vietnamese National Assembly has suggested continuing to review and perfect the legal framework to promote trade facilitation to ensure uninterrupted circulation of goods and supply chains in the ASEAN region.
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The Vietnam - EU Free Trade Agreement (EVFTA) has set high expectations for the growth of bilateral trade by the Government and enterprises of Vietnam as well as EU countries, thereby Vietnamese enterprises have motivation to recover after the Covid-19 pandemic.
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While the ongoing pandemic has been a setback for foreign investment mobilisation over past months, experts believe it is a short-term status which will be overcome by the previous trust placed in Vietnam’s investing environment.
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Talking to Customs News, Mr. Nguyen Quang Hung, Deputy Director General of the Directorate of Fisheries, said that if Vietnamese fishing vessels have not yet stopped illegal fishing in waters outside Vietnam’s territory, the removal of the “yellow card” for fishery products exported to the EU is difficult. This is a problem that requires competent agencies and localities to implement more drastic solutions.
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Vietnam’s wood industry has shown signs of recovery in the third quarter of 2020. However, legal complications may arise through illegally-sourced raw materials from foreign suppliers and a lack of uniformity.
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The Ministry of Planning and Investment is now completing legal documents guiding the implementation of the commitments on public procurement in the EU-Vietnam Free Trade Agreement (EVFTA), which took effect this month, before submitting them to the government for approval.
Read more...With recent new improvements in COVID-19 vaccine research and production, Vietnam and the European Union are preparing to gain future benefits from both investment shifts and the landmark EU-Vietnam Free Trade Agreement, with Vietnam on the cusp of increasing its integration into global value chains.
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